Divorce can be complicated, particularly if one or the other spouse own high value assets. High net worth divorces are rarely simple and need careful guidance during the divorce process.
Although high net worth divorces deal with exactly the same issues as any other divorce, there are certain circumstances where special considerations will need to be made, especially if one spouse has a particularly high profile public life.
With large sums of money at stake, high net worth divorces can involve a greater level of contention. Generally speaking, this develops as focus can be placed primarily on division of assets, business ownership and marital homes.
As with all divorces marital assets must be disclosed in a frank and fair manner. Assets acquired during a marriage will all be evaluated – cars, homes and property as well as bank accounts, financial assets, pensions and stock portfolios all of them must be declared. At Benussi & Co, our highly experienced team will help to protect your financial interests.
When approaching the possibility of divorce, there are a number of issues that all must be addressed by both parties. Division of assets will be one of the most complicated to face. Those that have been accumulated during the marriage, both jointly and severally, will have to be considered, discussed, agreed and attributed fairly.
It is not necessarily the case that all property will be split equally and there is a standard of judgment which determines which spouse is entitled to what property. This can become gruelling, especially if both parties use homes or developed a business together with equal responsibility.
There are many factors that will be evaluated in order to establish who has a right to what property or financial asset.
How Do I Protect What Is Mine?
With very few exceptions, any assets or property that both parties acquired during the marriage will be included in financial declarations. The court is not bothered by who owns the asset.
Distribution refers to property division that the Court considers “fair” and will be determined by the individual circumstances of each case. Consideration will be given to aspects including both parties’ current and potential earning capacity, age and health. There are many factors that will determine fair asset division including the future financial requirements of each spouse.
Once matters can be agreed, things will move forward, but it is vital to protect yourself and to ensure that you are not giving up something that is rightfully yours.
Benussi & Co as a team works hard to protect your best interests. Our goal is to work alongside the other party’s law firm to gain a fair resolution for you.
If you are facing a high net worth divorce, then call for a consultation with one of our specialist team on 0121 248 4001. We have a successful history in this legal field and are committed to helping our clients navigate the divorce process and achieve the best possible outcome as they move forward.